Where’s the new cash for startup founders? This list, updated regularly, has the answers, with a compendium of recent VC funds accessible here in Southeast Asia.
(First published May 11, 2020; updated August 18 with the addition of Lever VC and MDI Ventures; Updated December 30 with the addition of Square Peg, Velocity Ventures, Do Ventures, Bamboo Sea Ventures, and Ayala Corp. Fund II)
Earlier stages:
Monk’s Hill Ventures, Fund II
Total: $100 million
Markets: Southeast Asia
Announced: March 2020
Focused on series A investments, Singapore’s Temasek is a major backer of both its first fund and this latest one.
Vickers Venture Partners, Fund VI
Total: $200 million
Markets: Global
Announced: March 2020
Vickers’ latest fund, which’ll eventually stretch to $500 million, sees the Singapore-based VC going after early-stage deeptech startups around the world.
Openspace Ventures, Fund III
Total: $200 million
Markets: Southeast Asia
Announced: March 2020
Aiming at series A and B rounds, the Singapore-based outfit—formerly known as NSI Ventures—was founded in 2014.
500 Startups, Global Fund V
Total: $66.5 million
Markets: Global
Announced: April 2020
The prolific Silicon Valley squad take a keen interest in Southeast Asia via its separate Durians Fund.
Northstar, Fund V
Total: $260 million
Markets: Indonesia
Announced: April 2020
From an early backer of Gojek, this is the first close of a new kitty that will eventually hold $800 million. Mostly it’ll go to mature tech firms across the region, but the VC also indicated a portion will go to early-stage founders in Indonesia.
Sovereign’s Capital, US & SEA Fund
Total: $60 million
Markets: Southeast Asia
Announced: April 2020
This Silicon Valley VC outfit has an office in Jakarta, and this new fund is dedicated to Indonesia, typically investing $250,000 to $2 million per pop.
See: Southeast Asia tech funding rocketed to $5.7b in Q1
Init 6
Total: Undisclosed
Markets: Indonesia
Announced: April 2020
Here’s a brand-new VC firm, led by Bukalapak’s founder and ex-CEO Achmad Zaky. Init 6 is on the lookout for early stage businesses, with a particular eye for technical founders.
AC Ventures
Total: Undisclosed
Markets: Indonesia
Announced: April 2020
Well, this isn’t a new VC per se, but it is a name that should be on your radar. It’s a merger between Indonesian VC firms Convergence and Agaeti, and it plans to invest in 35 businesses across the nation over the next three years.
AC Ventures announced the close of its $80 million ACV Capital III L.P. Fund in October 2020.
Cathay Innovation, Fund II
Total: $550 million
Markets: Global, Southeast Asia
Announced: May 2020
Approximately one-third of this new deployment will go to US and Southeast Asia startups. The fund is multi-stage, from series A onward, with inputs generally in the area of $6 million to $26 million.
Orbit
Total: $30 million
Markets: Indonesia
Announced: June 2020
A collab between Indonesia’s Kejora Capital and Japan’s SBI Holdings, the new fund aims to plant $200,000 to $3 million in young tech teams.
SBI has a long track record in Indonesia, including investments in Tokopedia and Investree.
Beenext
Total: $110 million
Markets: Southeast Asia, India
Announced: June 2020
The new Beenext Emerging Asia Fund will split the cash half-half between Southeast Asia and India.
Since launching in 2015, the Singapore-based VC has invested in more than 180 startups across the planet, 45 of which are in Southeast Asia.
Sequoia’s new venture fund
Total: $525 million
Markets: Southeast Asia, India
Announced: July 6, 2020
This is one of two funds Sequoia unlocked on the same day—this one for earlier startups, while the other one is reserved for somewhat more mature tech firms.
With a combined $1.35 billion, the dual investment kitties dwarf the previous $695 million fund, which was its sixth for Southeast Asia and India, where the company operates under one unit.
Her Capital
Total: $10 million
Markets: Southeast Asia
Announced: July 14, 2020
With its first ever fund, Her Capital is shaking things up by focusing solely on female-led startups, thereby addressing a series of systemic unfairnesses in the tech industry. Here’s our full story.
Wavemaker Partners SEA Fund III
Total: $111 million
Markets: Southeast Asia
Announced: July 15, 2020
Early-stage specialists Wavemaker are back with a third fund for Southeast Asia, clocking in at $111 million. It’ll back 60 new startups with around $500,000 for initial investments.
Aroa Ventures
Total: Unknown
Markets: Global
Announced: July 30, 2020
26-year-old Indian tech billionaire Ritesh Agarwal, founder of fast-growing hotel chain startup Oyo, has turned to Singapore to set up a new venture capital firm.
With Aroa Ventures, he’s investing between $500,000 and $5 million in early-stage startups. According to the VC outfit’s website, it’s on the hunt for fledgling tech companies that make $1 million to $10 million revenue and can show annual growth of at least 20%.
Lever VC Fund I
Total: $23 million
Markets: Global
Announced: August 18, 2020
A new firm from Hong Kong, Lever VC is focusing on alternative meats and proteins startups with its first fund. Founders Nick Cooney and Lawrence Chu have a track record of personal investing in some big new food brands, such as Beyond Meat, Impossible Foods, and Memphis Meats.
Lever VC has already backed Singapore’s TurtleTree Labs, which is working on cell-based milk.
Do Ventures Fund I
Total: $50 million
Markets: Vietnam
Announced: September 8, 2020
Ayala Corporation Fund II
Total: $180 million
Markets: Philippines, Southeast Asia
Announced: October 2, 2020
Bamboo Ventures I LLP
Total: Undisclosed
Markets:
Announced: October 26, 2020
Square Peg’s fourth fund
Total: $450 million
Markets: Southeast Asia, Australia, Israel
Announced: December 2020
Velocity Ventures
Total: $20 million
Markets: Southeast Asia (Hospitality Industry)
Announced: December 2020
Later stages:
OrbiMed, Asia Healthcare Fund IV
Total: $750 million
Markets: Asia
Announced: March 2020
The American healthcare investment firm describes its interests as stretching from biopharmaceuticals to medical devices, diagnostics, and healthcare services. Its recent track record shows it’s generally involved in rounds injecting $20 million or more—even well into nine figures.
Northstar, Fund V
Total: $260 million
Markets: Southeast Asia
Announced: April 2020
As mentioned above, this’ll mostly go to mature tech firms across the region, aside from the portion aimed at early-stage founders in Indonesia.
Special Situation Fund for Startups (SSFS)
Total: $205 million
Markets: Singapore
Announced: May 2020
The Covid–19 crisis fund for startups announced in Singapore’s May budget went into action on June 6. It’s designed to bridge the financing gap they might face amid the pandemic.
Seeds Capital, the investment arm of Enterprise Singapore, and EDBI, the corporate investment wing of Singapore Economic Development Board, will split SSFS between early and later-stage startups. Private sector co-investors will match the state backers 1-to–1.
Early startups can apply via [email protected]; late-stage via [email protected].
Ascent Myanmar Growth Fund
Total: $80 million
Markets: Myanmar
Announced: June 2020
With $80 million at hand, Ascent Capital claims it has the largest Myanmar-focused investment fund in the tech industry. The Ascent Myanmar Growth Fund is on the lookout for “mid-market opportunities, and targets investment opportunities of at least $10 million,” according to the firm.
B Capital Fund II
Total: $820 million
Markets: Global
Announced: July 2020
While this might be a global fund, Facebook co-founder Eduardo Saverin’s B Capital is based out of Singapore as well as Silicon Valley, and therefore can’t be overlooked as a major factor in Southeast Asia’s startup ecosystem.
Its second fund will typically invest $10 million to $60 million at series B, C, and D stages.
Sequoia’s new growth fund
Total: $825 million
Markets: Southeast Asia, India
Announced: July 6, 2020
This is the non-identical twin to the $525 million venture fund, with a focus on growth-stage teams.
MDI Ventures’ new fund
Total: $500 million
Markets: Global
Announced: August 18, 2020
Indonesia’s state-owned Telkom, which runs the nation’s biggest mobile network, has set up a fresh $500 million pool of cash. Since inception, the corporate VC has invested in 44 startups from 12 countries.